Your firm earned $80,000 of income under both GAAP and tax rules in 2023, not including the following items earned/incurred in 2023: Incentive stock option compensation expense, $42,000. Life insurance premium on CEO, $7,500. Bad debt expense accrued on 12/31/2023, $27,500. Interest earned on city of Chicago municipal bonds, $12,000. The accounting treatments for each of these items is as follows: Incentive stock option compensation expense is a GAAP expense when incurred but is never tax deductible. Life insurance premiums on officers are GAAP expenses but are never tax deductible. We've already covered bad debt expense tax treatment in class, so you should know how it works. Interest on municipal bonds is GAAP income as earned but is never included in taxable income. Your firm has no other differences, either originating or reversing, in 2023. The statutory tax rate is 25%. What are your firm's (a) income tax expense and (b) income taxes payable for 2023?